SAP builds blockchain technology into its cloud-based applications

German software giant SAP SE said Wednesday it will team with the British financial IT firm Everledger Ltd. to build blockchain capabilities into its cloud-based business network, a move that could help logistics users improve data security and generate more accurate tracking and tracing of goods.

At its core, blockchain is a digital ledger that can be used to drive business processes involving multiple parties, upending the way goods and services are traded, SAP said. "One of the things blockchain does is facilitate greater visibility and trust," Joe Fox, senior vice president for business development and strategy at SAP Ariba, said in a release. "In embedding it across our applications and network, we can enable supply chains that are smarter, faster, and more transparent from sourcing all the way through settlement."

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